Hub International Changes Private-Equity Hands, as Hellman & Friedman Buys the Chicago Firm From a Rival

Private-equity firm Hellman & Friedman LLC agreed to acquire insurance brokerage Hub International Ltd. for more than $4 billion from a rival buyout firm, in a deal that will help the Chicago broker continue its rapid expansion, including a bigger move into Latin America.

The deal values the insurance brokerage at $4.4 billion, and includes a $1.7 billion equity contribution from San Francisco-based Hellman & Friedman and the...